How a clandestine group of financial titans has reshaped democracy and public interest for their own gain
In the hidden reality where financial power meets public policy, a groundbreaking book sheds light on the shadowy Bankers’ Club network that dictates more of our lives than we might understand, or care to admit.
Key Facts
- The Federal Reserve is identified as the Chairman of the Bankers’ Club.
- Alan Greenspan served as Fed Chair for an unprecedented 19 years.
- During the 2007-2009 financial crisis, the Fed, under Ben Bernanke, funneled $29 trillion to prop up financial structures.
- The Dodd-Frank Act of 2010 was intended to address financial abuses but was significantly weakened by entities like Citigroup.
- H. Rodgin Cohen, Senior Chair of Sullivan & Cromwell, played a key role in promoting financial deregulation.
- The Glass-Steagall Act, repealed in 1999, previously prevented commercial banks from engaging in investment banking.
- The Supreme Court’s Citizens United decision in 2010 significantly increased corporate money’s influence on U.S. elections.
Gerald Epstein’s Fascinating Book
“Busting the Bankers’ Club: Finance for the Rest of Us,” authored by Gerald Epstein, a distinguished Professor of Economics at the University of Massachusetts, Amherst, dives deep into the heart of a banking cartel that has, over decades, intertwined itself with the very fabric of American democracy.
Gerald Epstein is not your average academic. With years of research and a keen eye for the intricacies of economic systems, he stands as a beacon of truth in an often opaque financial world.
His latest work is the culmination of a decade-long journey to unveil how democracy in the U.S. has been hijacked by what he terms the “Bankers’ Club.”
The Bankers’ Club Revealed
At the core of Epstein’s revelations is the “Bankers’ Club,” with the Federal Reserve acting as its chairman.
This isn’t just any club; it’s a conglomerate of financial powerhouses and regulatory bodies that have the unique ability to create money out of thin air.
This power has been wielded to funnel trillions in loans to large banks, away from the public eye, essentially acting as a safety net for the financial elite at the expense of ordinary citizens.
Legislative Loopholes and Financial Deregulation
The Dodd-Frank Act, established in the aftermath of the 2008 financial crisis, was supposed to be a legislative tool to curb financial abuses.
However, Epstein uncovers how this act was systematically weakened by those it sought to regulate, particularly through the efforts of Citigroup and other members of the Bankers’ Club.
Even more striking is the role of individuals like H. Rodgin Cohen, a key figure in promoting financial deregulation, highlighting the depth of the club’s influence.
The Extensive Network of Bankster Influence
Epstein does not stop at financial institutions; his investigation reveals a vast network of politicians, regulators, lawyers, lobbyists, and even economists who have sold out the public interest for a seat at the table of the Bankers’ Club.
This collusion has far-reaching effects, from skewing legislation to promoting policies that favor Wall Street over Main Street.
The Opposition: “Club Busters”
Despite the daunting power of the Bankers’ Club, Epstein shines a light on the “Club Busters,” a group of nonprofit watchdogs, advocacy groups, and individuals determined to counteract the influence of the banking cartel.
Yet, these heroes face significant challenges, notably the fallout from the repeal of the Glass-Steagall Act and the Supreme Court’s Citizens United decision, which have both played pivotal roles in expanding the power of financial institutions and allowing corporate money to flood the political system.
Critical Impediments to Change
The repeal of the Glass-Steagall Act and the Citizens United decision stand as colossal barriers to reforming Wall Street and reclaiming democracy from corporate interests.
These legal changes have not only enabled the misuse of average Americans’ savings but have also handed unprecedented control of the electoral process to the highest bidder.
Gerald Epstein’s “Busting the Bankers’ Club” is more than just a book; it’s a powerful call for Americans to awaken to the realities of financial influence on democratic processes.
It implores us to recognize the urgent need for reform — to restore safeguards like the Glass-Steagall Act and to overturn decisions like Citizens United that have handed our democracy over to the highest bidder.
Glossary of Terms Used:
- Federal Reserve: The central banking system of the United States.
- Dodd-Frank Act: A comprehensive set of financial regulations passed in 2010 in response to the financial crisis of 2008.
- Glass-Steagall Act: A piece of legislation enacted in 1933 to separate commercial and investment banking, repealed in 1999.
- Citizens United decision: A 2010 Supreme Court ruling that allowed unlimited corporate spending on political campaigns.
In simple terms, the battle lines are drawn not just in the halls of Congress or the trading floors of Wall Street but in the everyday lives of Americans.
The choices we make, the policies we support, and the voices we amplify can help untangle the Bankster web of financial influence that seeks to control the future of democracy in the United States.
It’s a fight not just for the soul of a nation, but for the very essence of freedom and equality.
More resources: Americans for Financial Reform
